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The Tony Elumelu Entrepreneurship Program

February 15, 2017 4 comments

tony-elumeluTony Elumelu Foundation Entrepreneurship Programme is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by the entrepreneur, respected investor and philanthropist Tony O. Elumelu.

The pan-African programme is inspired by the Founder’s:

  • Inclusive economic philosophy of Africapitalism, based on the belief that a vibrant African-led private sector is the key to unlocking Africa’s economic and social potential,
  • Commitment to drive African economic growth through the fostering of African entrepreneurship,
  • Mission to institutionalise luck and create an environment where home-grown pan-African companies in various sectors can flourish.

VISION

Our vision is to establish the pre-eminent pan-African entrepreneurship programme and create 10,000 startups across Africa within the next 10 years that generate significant employment and wealth.

PURPOSE

Identify 10,000 African startups and African entrepreneurs with ideas that have the potential to succeed

Grow the businesses through business skills training, mentoring, access to seed capital funding, information and membership in our Africa-wide alumni network

Create businesses that can generate at least 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.

The Tony Elumelu Foundation Entrepreneurship Programme is a tool for implementing this vision. The programme is open to young compelling businesses with strong market feasibility, clear financial models and run by capable teams.

Selection into the programme will be a thorough process with no quotas of any kind to simply identify the game changers in the continent. The programme will support selected Tony Elumelu Foundation Entrepreneurs through the 7 Pillars of TEEP, a framework that includes mentorship, online and live learning, as well as access to information, networking and seed capital.

Africa’s development has become somewhat of a personal mission. It is my belief that Africans should take primary responsibility for our own development – because, to be blunt, no one is going to develop Africa but us. I also believe “charity” as conventionally defined is not the best solution for our continent. Instead, we need a “new philanthropy” that focuses on building the capacity of the private sector to create jobs and wealth – and that this leads to sustainable development.

I firmly believe that we should be strategic and catalytic in our philanthropy. It is not, and should not be, about simply providing funding, as this is only one of many possible tools for impact. I would encourage entrepreneurs to give their time and experience, and use their influence, to create impact. The projects we support, for instance the Nigeria Fast Growth 50, demonstrate our desire to embrace global opportunities and practices, while ensuring that as much as possible of the value adding aspects of Africa’s resource wealth stay on our continent.

 

A message from Tony Elumelu

I often tell the story of how a $5 million investment in a small, dying bank 17 years ago spawned UBA, a multinational, pan-African financial institution that has created 25,000 jobs, generated wealth in communities all across Africa, expanded finance for trade, created stronger financial infrastructure for investment and economic growth, paid taxes to national and local governments to support public services and given millions of customers control over their financial lives. Imagine if we created 1,000 home-grown, pan-African companies like UBA in Africa – now that is impact. That is what drives me, and that is why we started the Foundation.

 

I set up the Foundation to tackle some of the problems African entrepreneurs face, as entrepreneurship is my passion. I would also like to encourage more of Africa’s high-net-worth individuals to give and support their passions in an institutional manner. It is my belief that home-grown African philanthropy should be setting the agenda for the continent’s development. It is my hope that the Foundation will inspire businesses and entrepreneurs to actively play more of a role in Africa’s development. This is my vision of “Africapitalism”.

 

 

 

Tony O. Elumelu, CON

 

SUBMIT APPLICATION

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Categories: Business, General, Training

10 Great Business Ideas for Africa

April 4, 2014 2 comments

Africa is the land of great opportunities. As a developing continent, there are still a lot of untapped areas that have great potential for growth. Some markets in Africa are very competitive and challenging. Starting a business in Africa is not a walk in the park, although the opportunities do exist. With the right business idea, it is possible to build a business that will grow and be profitable. It is always good to do your homework well. Study the dynamics of the market and understand the culture of the people. No two countries are the same, and what works in a another part of Africa may not work in another.

Below are some areas with great potential. The e-commerce market is virtually untapped and offers great possibilities. Challenges exist with this business model in Africa since the internet is not available to a good percentage of the population, but for the right business, this is a good area to invest in.

Great Business Ideas
10. Agriculture Support Platform
9. Investment Banking and financial Services
8. e-libraries and E-Books study platforms for students
7. Housing
6. Field Data Collection Service
5. Procurement and Logistics
4. Energy
3. e-Commerce
2. Intellectual Commerce and Patents Protection
1. e-Government or Mobile Government

Categories: Business, Opportunities